Sale And Purchase Agreement Page 10
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24THE SCHEDULE – continued
FORM E
6.
Late Payment of Instalments
6.1
If the Purchaser fails to pay any or any part of any instalment according to
clause 5 (other than any instalment to be paid by the stakeholder),
interest on the unpaid amount is to be payable by the Purchaser to the
Vendor until -
(a)
the unpaid amount is paid; or
(b)
the expiration of the repudiation notice period under clause 7.2,
whichever first occurs.
6.2
Interest on the unpaid amount referred to in clause 6.1 shall begin to run
from the 15th day after the Purchaser has received the relevant
document under clause 5.
6.3
If the Purchaser fails to serve the Certificate of Statutory Completion or
the certified copy thereof on the stakeholder in accordance with clause
5.2, interest on 8% of the Purchase Price is also to be payable by the
Purchaser to the Vendor.
6.4
The interest referred to in clause 6.3 shall run from the 5th working day
after the Purchaser has received the Certificate of Statutory Completion
(or the certified copy thereof) from the Vendor and shall continue until –
(a) the Purchaser serves that Certificate or certified copy on the
stakeholder; or
(b)
the expiration of the repudiation notice period under clause 7.2,
whichever first occurs.
6.5
The interest referred to in clauses 6.1 and 6.3 shall be calculated on a
daily basis at the rate of 2% above the Base Rate.
7.
Repudiation by Purchaser
7.1
The Vendor has the right to treat this Agreement as having been
repudiated by the Purchaser if -
(a)
any instalment of the Purchase Price (not being an instalment to
be paid by the stakeholder) and interest remains unpaid for more
than 14 days after its due date; or
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